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As BTC Slides Toward Resistance, the Chance of a Rare Triple Top Formation Comes Into Play

09/05/2022 by Idelto Editor

As BTC Slides Toward Resistance, the Chance of a Rare Triple Top Formation Comes Into Play

The cryptocurrency economy has shed a lot of value during the last six months dropping 48.70% from $3.08 trillion to today’s $1.58 trillion. While crypto markets looks extremely bearish these days, a few crypto advocates have theorized the bear market will be less harsh this time around. Furthermore, there’s also the rare scenario that bitcoin’s price could reverse and see a triple top even though it’s commonly said in the finance world “there is no such thing as a triple top.”

The Chances of Bitcoin Experiencing a Triple Top Scenario Is Rare, But Could Happen

Five days ago, Bitcoin.com News reported on a theory that describes bitcoin (BTC) prices experiencing a softer bear market than the leading crypto asset’s 80%+ declines recorded in the past. The reasoning behind the theory is because of past bitcoin price peaks and the most recent peaks recorded in May and November 2021.

While BTC hit $64K in May and $69K in November, the two peaks were much smaller than previous bull run gains. From the looks of things it seems, BTC’s price experienced what’s called a double top. Now, coinciding with the theory the current market downturn will be a softer bear run, there’s also the rare possibility of a triple top scenario.

As BTC Slides Toward Resistance, the Chance of a Rare Triple Top Formation Comes Into Play

Basically, if a triple top scenario takes place, BTC’s fiat value will tap the same resistance it touched during the past downturn. For instance, after BTC tapped a high of $64K in mid-May 2021, the value dropped to a low of $31K on June 21, 2021. From there, the price once again skyrocketed and reached $69K on November 10, 2021.

If a triple-top happens to occur, then the upcoming bottom would be somewhat in the range of the $31K mark, when it starts another reversal. In order for this to happen, BTC will have to see a complete reversal from the same resistance levels and the third top could be equal to and just above or just below the $69K region.

Reversal Theories Considered ‘Hopium’ as Many Won’t Bet on Such a Risky Play

Of course, many will assume theories of a triple top are based on pure faith and “hopium.” In the trading world, triple tops are very rare and quad tops are seemingly non-existent. In 2019, allstarcharts.com analyst JC says: “We rarely see triple tops, and I can’t even tell you if I’ve ever seen a quadruple top. Betting on these outcomes seems to never pay.”

As BTC Slides Toward Resistance, the Chance of a Rare Triple Top Formation Comes Into Play

Which means betting on bitcoin (BTC) experiencing a triple top is a very risky bet in comparison to betting on a double top formation. Moreover, its a common message in the trading world to state:

There is no such thing as a triple top.

While it’s common to say the statement, saying “there is no such thing as a triple top,” the comment is not entirely accurate. They surely have occurred in financial market scenarios in the past, and traders who risked betting on them have reaped the rewards. However, when a triple top does execute and complete, the “party is officially over.” When a triple top is executed, the price will begin a bearish descent until the next price cycle regains bullish strength.

While many are likely still willing to bet on a triple top formation as far as bitcoin’s price is concerned, its even more likely they are not willing to bet on a seemingly non-existent quad top. Moreover, triple tops being as rare as they are, means a great deal of traders are not willing to bet a third peak is in the cards. The chance of a BTC triple top coming to fruition is not impossible, and no one can safely say the scenario will not come into play.

What do you think about the chances of bitcoin’s price seeing a triple top formation after hitting the next resistance level? Let us know what you think about this subject in the comments section below.

Filed Under: all-time highs, Bitcoin, Bitcoin (BTC), bitcoin prices, bottoms and tops, BTC Prices, Charts, crypto economy, cycle, Double Top, English, Formations, Markets, Markets and Prices, Moving Averages, News Bitcoin, peaks, price cycles, Prices, Quad Top, resistance levels, risk, Technical Analysis, Triple Top, triple tops rare

Meme Token Carnage — DOGE, SHIB Prices Sink Lower, Dogecoin Down 82% Since Last Year

08/05/2022 by Idelto Editor

Today’s top meme coins have lost 4.8% in value against the U.S. dollar, as the crypto market carnage has wreaked havoc across the entire digital currency economy. While dogecoin had a phenomenal year in 2021, over the past 12 months, dogecoin lost 82.8% against the USD.

DOGE Tapped an All-Time High a Year Ago Today, Meme Coin Value Is Down 82% Since That Point

Meme coin assets are down this week following the rest of the crypto economy’s downward spiral. Statistics show that dogecoin (DOGE) has shed 14% in value during the past month and 30 day stats show shiba inu (SHIB) is down 24%.

In the last day alone, the $28.3 billion worth of meme tokens lost 4.8% in value. DOGE lost 1.7% over the last seven days and this week SHIB has dropped by 6.8%. DOGE is also down 82.8% from the crypto asset’s all-time high on May 8, 2021, which was exactly a year ago today.

At that time, DOGE reached an ATH of around $0.731 per unit. Six months ago, SHIB tapped an ATH at $0.00008616 per unit and today it’s down 78% since that price point. Both DOGE and SHIB make up most of the $28.3 billion meme token market capitalization by representing 95% with a combined market valuation of around $26.9 billion today.

Google Trends Data Shows Interest in Dogecoin and SHIB Is Low

While most of the meme coin economy has shed significant value in recent times, a relatively unknown meme token called litedoge (LDOGE) has gained 400% this week. Poodl token (POODL) is up 34.2% and dogefi (DOGEFI) is up 27.3% during the past seven days. However, jejudoge (JEJUDOGE) has lost 44.6% this week, lets go brandon (LETSGO) is down 43.3%, and shiba fantom has shed 28.9% in value against the USD.

Meme tokens were all the rage last year, but interest seems to be dwindling fast. After hitting a Google Trends (GT) score of 100 last May, this year during the same weekly timeframe, the search phrase “dogecoin” has scored a three. SHIB hit a 100 in October and GT data shows the search term “SHIB” has scored a four this week, according to worldwide statistics.

What do you think about the meme coin market carnage and the lack of interest in SHIB and dogecoin these days? Let us know what you think about this subject in the comments section below.

Filed Under: Cryptocurrencies, Digital Currencies, Doge, dogecoin, Dogecoin (DOGE), dogefi, English, Gains, JEJUDOGE, litedoge, Losses, markest, Market Update, Market Updates, Meme Coins, Meme Cryptos, Meme Markets, Meme Tokens, News Bitcoin, Poodl, Prices, shib, shiba inu, shiba inu (SHIB)

Catching the Falling Knife: Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy

08/05/2022 by Idelto Editor

Catching the Falling Knife: Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy

The crypto economy has dropped considerably in value during the last five weeks, slipping 23.28% from $2.19 trillion to today’s $1.68 trillion. Furthermore, both bitcoin and ethereum are awfully close to sinking 50% below the all-time highs recorded six months ago.

Bitcoin Sinks Lower Against the US Dollar, 39% Down in 30 Days

Digital currency markets have been in the red during the last few weeks, as a great number of crypto assets have seen significant percentage losses. During the last 24 hours, the crypto economy has shed 3.6% against the U.S. dollar. Bitcoin (BTC) dropped to a low on Saturday evening around 11:00 p.m. (ET), hitting $34,279 per unit.

Presently, BTC is below the $35K mark and since the all-time high ($69K) on November 10, 2021, BTC has lost 49.6%. At the time of writing, BTC’s market valuation is around $662 billion, which equates to 39.4% of the $1.68 trillion crypto economy.

BTC’s most dominant trading pair today is tether (USDT) with 57.03% of all trades, followed by USD with 13.76% of today’s trades. The stablecoin BUSD represents 7.32% of all BTC-denominated trades on Sunday. $26.7 billion of today’s $99.6 billion in global trades are all bitcoin (BTC) swaps. That means 26.8% of Sunday’s aggregate crypto trade volume derives from BTC trades. Year-to-date statistics show BTC is down 39.3% and during the last month BTC has shed 20% in value against the U.S. dollar.

Ethereum’s Value Falls Losing 20% Since Last Month

Ethereum (ETH) has also shed a significant amount of value in recent times. While BTC hit a low of $34,279 per unit on Saturday evening, ETH slipped to a low of $2,518 per unit at the same time. Currently, ethereum (ETH) is exchanging hands for prices just under $2,600 and it has $17.7 billion in global trades today. Tether (USDT) is ethereum’s top trading pair today with 59.32% of all trades. The USDT/ETH pairs are followed by USD pairs (9.70%) and bitcoin (8.36%) trading pairs.

Since ethereum’s all-time high six months ago at $4,878 per unit, the price has lost 47.3% from the price high. Still, ETH commands a dominance rating of around 18.48% of the $1.68 trillion crypto economy. Ethereum’s market valuation is around $310.12 billion at the time of writing. Year-to-date statistics show ETH has lost 26.5% and 30 day statistics shows ETH is down 20.5%.

While bitcoin, ethereum, and a number of digital assets are down quite a bit this week, four different crypto assets have seen double digit gains during the last seven days. Algorand (ALGO) is up 33.2%, tron (TRX) is up 32.8%, curve (CRV) has gained 20.9%, and helium (HNT) is up 13.8%. Apecoin (APE) suffered the week’s deepest losses losing 39.7%, and cronos (CRO) shed 24.8% against the U.S. dollar this past week.

What do you think about the crypto economy’s current downward spiral? Do you expect prices to rebound in the near future? Let us know what you think about this subject in the comments section below.

Filed Under: billions, Bitcoin, BTC, crypto economy, Crypto markets, English, ETH, Ethereum, Highs, Lows, Market Caps, Market Updates, Markets, News Bitcoin, Price points, Prices, Tether, trade volume, trading, US Dollar, USD, USDT, volume

Biggest Movers: DASH, CVX and ALGO Lead Monday’s Gainers, APE Falls Further

21/03/2022 by Idelto Editor

CVX was the biggest crypto gainer to start the week, as both DASH and ALGO also climbed higher. Despite ALGO rising to its highest level in over three weeks, gains in DASH and CVX were more noticeable. This came as APE once again traded in the red.

Convex Finance (CVX)

Convex finance (CVX) was Monday’s biggest gainer, as the world’s 77th largest cryptocurrency rose by as much as 15% to start the week.

Following a low of $17.90 on Sunday, CVX climbed to an intraday high above $21.56 on Monday, as prices hit a ceiling.

Today’s move was the highest level CVX has traded since March 2, as prices continued to move away from support at $15.50.

Monday’s surge saw prices near resistance of $22.00, however slipped from this point as bulls likely consolidated earlier gains by closing their positions.

Looking at the chart, the 10-day (red) moving average, and the 25-day (blue) have also marginally crossed, which sets the table for further bullish momentum.

If this upward trend continues, we could see a break similar to the one on March 2, where prices rose to above $30, during a flash spike.

DASH

DASH rose to a three month high during today’s session, as it rose for a fourth consecutive session on Monday.

Today’s high, saw DASH/USD rally to a high of $122.83 to start the week, which follows a low below $101 on Sunday.

Monday’s move is the highest point DASH has reached since January 21, as markets were in free fall, dropping to as low of $79 during that week.

As of writing this, DASH is now trading below its long-term resistance level of $121.100, which is a level that last provided prices with high levels of bearish pressure.

The 14-day RSI is also severely overbought, tracking at its highest point since November, which could give impetus to bears to consider re-entering.

Is DASH currently preparing for a change in momentum? Let us know your thoughts in the comments.

Filed Under: algo, Analysis, APE, Apecoin (APE), CVX, dash, English, Market Updates, Markets, News Bitcoin, Prices, Technical Analysis

The Number of SHIB Holders Shudders in 3 Days, Shiba Inu Slid 17% in Value Last Month

20/03/2022 by Idelto Editor

The Number of SHIB Holders Shudders in 3 Days, Shiba Inu Slid 17% in Value Last Month

While most digital currencies have seen gains during the last month, the meme token called shiba inu has lost more than 17% during the last 30 days. Despite the fact that shiba inu is down 72% from the crypto asset’s all-time high, shiba inu is still up 37,130% against the U.S. dollar over the last 12 months. However, since March 15, the number of shiba inu holders has dropped 3.55% from 1.19 million holders to 1.15 million over the last five days.

SHIB Holders Slide 3.55% in 3 Days

Interest in meme tokens is waning as the meme coin economy has lost significant value over the last six months. At the time of writing, the meme coin economy’s market valuation is $30.2 billion and a great majority of that value belongs to dogecoin (DOGE) and shiba inu (SHIB). Both of the top meme coin assets had a phenomenal year in terms of market performance but in recent times, SHIB and DOGE have continued to slide in value. Currently, shiba inu (SHIB) is down 5% over the last two weeks and over 17% during the last 30 days.

Moreover, statistics indicate that the number of SHIB holders today is much less than it was five days ago as 3.55% of SHIB holders have left the meme coin’s ecosystem. Metrics from coinmarketcap.com and etherscan.io show the number of SHIB holders decreasing since March 15, 2022. Since that day, the number of SHIB holders (unique addresses) dropped from 1.19 million holders to 1.15 million. It’s not the first time SHIB holders dropped as the number decreased on January 27, but then regained momentum and continued to increase.

The Top 10 Richest SHIB Addresses Command 64% of the Supply, Top 50 Own Over 78%

With 1.15 million SHIB addresses, 14,645 of them have been active during the last 24 hours. Data stemming from intotheblock.com metrics show shiba inu (SHIB) has a significant concentration of large holders (whale count) with a score of 80%. In contrast, the leading crypto asset bitcoin’s (BTC) whale count is much lower, as BTC has a score of 11% in terms of the cryptocurrency’s concentration of large holders. Today, statistics indicate that the top ten richest SHIB addresses own 64.43% of the entire shiba inu token supply.

The top 20 richest SHIB addresses control 71.72% of the entire SHIB supply and the top 50 richest addresses command 78.59% of the SHIB token supply. Again, to show the difference between two crypto assets, bitcoin’s richest ten addresses hold 5.59% of BTC’s supply and the top 50 addresses only hold 11.40% of the current BTC in circulation. While SHIB is up 37,130% against the U.S. dollar in a year’s time, only 40% of SHIB holders have profited at the current price level.

Over the last seven days, SHIB users transacting with $100K or more in shiba inu moved $516.49 million worth of SHIB last week. SHIB is also very concentrated with the trading pair tether (USDT), as the stablecoin represents 61.39% of SHIB’s 24-hour trades. USDT is followed by USD (19.98%), BUSD (9.52%), TRY (6.75%), and DOGE (0.62%). The top six most active SHIB exchanges include Binance, Hitbtc, Digifinex, Kucoin, Huobi, and Crypto.com.

What do you think about the number of SHIB holders dropping during the last three days? Let us know what you think about this subject in the comments section below.

Filed Under: Altcoins, crypto assets, Dogecoin (DOGE), English, ERC20, Markets, Meme Coins, Meme Token, Meme Tokens, News Bitcoin, Prices, Rich List, richest ten addresses, shib, SHIB holders, SHIB rich list, SHIB Token, shib trading, shib trading pairs, Shib transactions, SHIB wallets, shiba inu, shiba inu (SHIB), Shiba Inu addresses

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